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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: assetlogic who wrote (7064)11/24/2002 6:50:58 PM
From: Elroy JetsonRead Replies (2) of 306849
 
Counties in California levy a 0.11% Transfer Tax on the sales of real estate. Cities can impose additional levies. In Los Angeles the total Transfer tax is 0.45%. These transfer taxes authorized by California state law were modeled on the Federal documentary stamp tax which was repealed in 1976.

There currently not a State transfer tax. However beginning with the Reagan administration, the Federal government has transferred the cost of of many federal programs to the states: road building, airports, welfare, health services, civil defense. The reduction in capital gains and sales tax has left the states in a deficit position. Unlike the Federal government the states cannot make up the difference by printing money.

Many states already have real estate transfer taxes, but California does not. It's likely that this is one among a multitude of possible taxes and spending cuts being considered by the California legislature to balance the budget. However 3% seems a huge and unlikely tax rate.

A 3% transfer tax on automobiles, reversing the previous reductions in VLF (Vehicle License Fee), should be passed this week. Perhaps the rise in VLF has transformed into a rumour regarding real estate transfer taxes.
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